On the traditional Fannie Mae Form 1004 Uniform Residential Appraisal Report, what site size is entered for the subject property?
Correct Answer
D) The actual site size of the subject property
Report the actual subject site size supported by relevant property information. The cited Fannie Site guidance does not permit replacing it with an idealized or neighborhood-sized portion. Resolve material identification/area differences appropriately; this is reporting actual subject property, not averaging comparables.
Why This Is the Correct Answer
Option D is correct because Fannie Mae guidance requires the appraisal to include the actual size of the site and not a hypothetical portion of the site. The appraiser reports the subject's real site area as supported by relevant property information such as a survey, plat or public record, and resolves any material discrepancies in identification or area.
Why the Other Options Are Wrong
Option A: The typical site size for the neighborhood
Option A is wrong because the typical site size for the neighborhood describes the market area, not the subject. Neighborhood typicality may be useful context, but it cannot replace the subject's actual site size on the form.
Option B: The optimal site size for highest and best use
Option B is wrong because an optimal site size for highest and best use is an analytical idea, not a description of the property. Reporting an idealized size would substitute a hypothetical site for the actual one.
Option C: The average of the comparable sales' site sizes
Option C is wrong because averaging the comparable sales' site sizes describes the comparables, not the subject. Comparable site sizes are used to make adjustments, not to fill in the subject's own site area.
Subject site is the real site
Think 'report what is there': the Site section describes the subject as it actually exists, not an ideal or an average.
How to use: Use this whenever a form field asks about the subject property and an option offers a typical, average or ideal substitute.
Exam Tip
When a question asks what is reported for the subject, choose the option describing the subject's actual characteristic rather than a neighborhood, comparable or ideal figure.
Common Mistakes to Avoid
- -Reporting the typical neighborhood lot size instead of the subject's actual size
- -Reporting only the portion of the site that seems needed for the house
- -Using an average of the comparables' site sizes for the subject
Concept Deep Dive
Analysis
This question tests what site size the appraiser reports for the subject on the traditional Form 1004. The report describes the property actually being appraised, so the site entry should reflect the subject's real, supported site size rather than a typical, ideal or comparable-based figure.
Background Knowledge
Property description begins with accurately identifying the subject, including its legal description and physical site characteristics. Fannie Mae's site analysis guidance requires the actual size of the site rather than a hypothetical portion. Differences between the subject and comparables in site size are handled through adjustments in the sales comparison approach.
Real-World Application
An appraiser finds that a subject parcel is 0.62 acres per the recorded plat, while most nearby lots are about 0.25 acres. The appraiser reports 0.62 acres in the Site section and addresses the size difference through comparable adjustments and commentary, rather than reporting a typical lot size.
More Property Description Questions
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